Ukraine fines Gazprom $3.4bn for ‘abuse of dominant position’

Ukraine fines Gazprom: The anti-monopoly committee of Ukraine has fined Russia’s Gazprom $3.4 billion for alleged abuse of its dominant position on the Ukrainian gas transit market, its  chairman Yuriy Terentyev said yesterday. “A decision was just made regarding Gazprom’s abuse of its dominant position on the gas transit market of Ukraine. The fine amounts to 85 bnhryvnia [$3.4bn],he posted on his Facebook page.
The imposition of the fine is a swift response to the $2.5bn bill that Gazprom sent to Ukraine’s state-run gas company Naftogaz on Wednesday for failing to buy its contracted amount of gas in the third quarter of 2015. The Russian energy company is claiming that, according to the ‘take-or-pay’ terms of the contract, Kiev had to buy a minimum quantity of gas annually or face a penalty, and was therefore contractually obliged to buy 10,485 bcm in the third quarter of 2015.
Source: www